Head to head · The two lowest bank rates
CommBank vs Westpac: which bank EFTPOS plan is cheaper?
Updated
Both banks cut their flat rates on 1 October, and they are now the two lowest published in-person rates we compare. Westpac’s is lower but comes with rental and leaves out Amex; CommBank’s cheapest device has no rental at all.
Verdict
It depends on your takings. On our example card mix, CommBank’s Smart Mini (0.99%, no rental) is cheaper below about $14,431 a month, and Westpac’s EFTPOS Now (0.79% plus $24.75 a month) is cheaper above it. Against CommBank’s own rented Smart terminal, Westpac is cheaper at almost any volume. Take a lot of Amex and the crossover moves up, because Westpac’s rate doesn’t cover it.
Your numbers
The published terms
Westpac and CommBank in-person plans
| Plan | In-person rate | Monthly | Upfront | Amex | Settlement | Source | Link |
|---|---|---|---|---|---|---|---|
| Westpac EFTPOS Now | 0.79% | $24.75 | $0 | Not covered by the 0.79% rate; needs a separate American Express agreement | Instant to a linked Westpac account after daily settlement | Westpac EFTPOS | Westpac (opens in a new tab) |
| CommBank Smart Mini | 0.99% | $0 | $59 | 0.99% covers Amex, subject to CommBank's approval | Same day, 365 days a year | CommBank Smart Mini | CommBank (opens in a new tab) |
| CommBank Smart terminal | 0.99% | $29.50 | $0 | 0.99% covers Amex, subject to CommBank's approval | Not stated on the fees page | CommBank EFTPOS fees | CommBank (opens in a new tab) |
Westpac: “Simple 0.79% flat rate on all eftpos, Mastercard, Visa and UnionPay transactions.” EFTPOS Now has a $24.75 monthly terminal fee. (Westpac EFTPOS, checked )
CommBank Smart Mini: “Processing rates 0.99% per transaction. On all Mastercard, Visa, AMEX, JCB, UnionPay and eftpos transactions.” (CommBank Smart Mini, checked )
CommBank Smart terminal: 0.99% flat-rate transaction fee and $29.50 monthly rental. (CommBank EFTPOS fees, checked )
Westpac reduced its flat transaction rate from 1 October 2026 to 0.79% for EFTPOS terminals, applied automatically for merchants already on the flat rate. (Westpac merchants, checked )
The crossover
Fees a year at three monthly volumes
| Plan | $5,000 a month | $15,000 a month | $40,000 a month |
|---|---|---|---|
| Westpac EFTPOS Now | $7881.31% | $1,7700.98% | $4,2260.88% |
| CommBank Smart Mini | $5940.99% | $1,7820.99% | $4,7520.99% |
| CommBank Smart terminal | $9481.58% | $2,1361.19% | $5,1061.06% |
Westpac’s rental is $297 a year. Its rate is 0.2 points lower than CommBank’s on eftpos, Visa and Mastercard, so it needs about $14,431 a month in card takings before the saving covers the rental. At $40,000 a month Westpac costs $526 a year less than the Smart Mini.
Against CommBank’s rented Smart terminal, the choice is simpler: Westpac has the lower rate and the lower rental, so it wins unless American Express is a big part of your takings.
Amex and the minimum fee
Westpac’s flat rate applies to eftpos, Mastercard, Visa and UnionPay but not to American Express or JCB, which need a separate agreement. The rate may be adjusted at the start of April and October each year. (Westpac EFTPOS, checked )
We price Westpac’s Amex share at the RBA’s average Amex fee of 1.36%, since Westpac publishes no Amex rate. On our example mix (5% Amex) that barely moves the result. A business taking 20% of its card sales on Amex would need about $28,779 a month before Westpac beats the Smart Mini. CommBank’s 0.99% covers Amex, subject to approval.
Westpac charges a minimum merchant service fee of $22 a month per terminal when your card fees for the month come to less than that. (Westpac merchant fees brochure, checked )
At 0.79%, the minimum applies to any month under about $2,785 in card takings, which makes Westpac poor value for quiet businesses.
Settlement and banking
Both banks pay fastest into their own accounts. Westpac shows takings instantly in a linked Westpac account after daily settlement; CommBank advertises same-day settlement on the Smart Mini, and online Smart Mini applications settle to a CommBank Business Transaction Account.
Westpac: takings appear instantly in your linked Westpac account following daily settlement. (Westpac EFTPOS, checked )